Company promises speedy payment to small firms

British Gas Business has officially signed up to the Prompt Payment Code, a UK Government move to speed up payments to small businesses.

The code, devised by the Institute of Credit Management, means signatories commit to paying on time in accordance with the terms agreed at the outset. Code signatories will give suppliers clear guidance on payment procedures, telling them promptly if there is a reason for a delay - with information on how to complain. British Gas Business will display the Prompt Payment Code logo on its website.

Kanat Emiroglu, managing director of British Gas Business, said: “We believe that we are already meeting the guidelines of the Prompt Payment Code, which will help to provide greater certainty of cashflow to our suppliers. The decision to officially join the code demonstrates that we understand the pressures these small business are under.”

Major organisations such as the CBI, British Chambers of Commerce and the Institute of Directors all support the Prompt Payment Code. Before companies can sign up, references from suppliers have to be given. There are currently 325 signatories to the code.